Because interest rates are insane trapping people in homes they no longer want but can’t afford to leave?
Speaking of… My car got totalled at the end of October, shopping for a new one, I saw interest rates for me between 7 and 8%, for other folks, I saw one as high as 12.25%(!) On a CAR LOAN.
Interest rates should never have been that low to begin with. It was basically free money for the wealthy, and it’s how housing became such an investment for big businesses. The rates we have now are still at historic lows, they just feel high compared to the bonkers low rates of the last couple decades. I understand the frustration 100%, but lowering the rates again is NOT the answer at all.
Because interest rates are insane trapping people in homes they no longer want but can’t afford to leave?
Speaking of… My car got totalled at the end of October, shopping for a new one, I saw interest rates for me between 7 and 8%, for other folks, I saw one as high as 12.25%(!) On a CAR LOAN.
I’m in this comment and I don’t like it.
Interest rates should never have been that low to begin with. It was basically free money for the wealthy, and it’s how housing became such an investment for big businesses. The rates we have now are still at historic lows, they just feel high compared to the bonkers low rates of the last couple decades. I understand the frustration 100%, but lowering the rates again is NOT the answer at all.